4
AssignmentDropdown

Determining Market Price

Question 4 • (Galli)WCA 2221 Civics/Economics 1st nine weeks 26-27

If the quantity demanded of a good does not change much when the price changes, the good is relatively .

Answer
A
inelastic
B
elastic

Explanation

When quantity demanded changes very little in response to a price change, demand is described as relatively inelastic. Elastic demand means quantity demanded changes substantially when price changes. Therefore, the good is relatively inelastic.

AI-written and checked against the verified answer.

Previous
Next